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DRIVEN TO EXPAND; THE DEAL SHEET

Dallas-Ft. Worth

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DRIVEN TO EXPAND; THE DEAL SHEET
The 75-year-old Frank Kent Motor Co. plans to double the size of its Honda dealership to 90k SF, starting construction next month. The $18 million project is located on 12 acres of recently acquired land at Twin Creeks, just west of the dealer’s current store at 3535 W Loop 820 South in Fort Worth.
 
DRIVEN TO EXPAND; THE DEAL SHEET

Funded by Plains Capital Bank, the project should finish in Oct. Seeking LEED cert, it'll feature an outdoor green space with a creek, picnic area, and a dog park. Two stories, designed by Fort Worth architect Jim Stephenson, it'll also feature a luxury client lounge, business center, children’s play area, a café (we're still talking about a car dealership, right?), and a color-changing, outdoor-lighting system, to cast colors on the building’s exterior corresponding with seasons and events. Co-owner Will Churchill says construction prices are 30% off of where they were this time last year. Fort Worth-based Fort Construction will handle construction. Will Martin of W. Martin & Co. negotiated the dealership’s real estate transaction.

 

Lease Transactions

Colliers International negotiated the lease extension and renewal of a 104k SF office/warehouse building located in Plano Tech Center at 900 Klein in Plano. EVP Jim Nelms, Jr. and Scott Jessen  repped the tenant, Luminator. The landlord was represented by RREEF.


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Colliers International has completed two new leases, totaling more than 23k SF in the Urban Center/Las Colinas submarket. Both properties are owned by CB Richard Ellis Investors and leased by CBRE.

  • Noel J. Hutcheson and Mary Stoner Yost with Colliers’ Dallas office and Michael Cummings with Colliers’ Chicago office represented the tenant, RLI Insurance Company as the firm signed a seven-year 16k SF lease at The Tower on Lake Carolyn, 909 Lake Carolyn Parkway in Irving. 
  • Noel J. HutchesonCash McWhorter and Kelly Smith with Colliers’ Dallas office and Connor Faught with FirstService Real Estate Advisors represented the tenant, Apex Systems, Inc. as the firm signed a six-year 7k SF lease at Urban Towers, 222 W. Las Colinas Blvd. in Irving. John Fancher and Bill Lokey of CBRE represented CBRE Investors, the owner for both leases.

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Colliers International completed a 140k  SF long-term lease extension and renewal at Heinz Way II, 901 Heinz Way in Grand Prairie. Noel J. HutchesonLarry Kell and Cash McWhorter with Colliers’ Dallas office along with Price Weaver and Ben Logue with Colliers’ Atlanta office represented the tenant, Aaron Rents. Robert Allen of First Industrial represented the landlord.

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Colliers International’s Kevin BrookmolePhil Rosenfeld, and Matt Thompson negotiated two new leases at the Union Bower Business Park with Mojave Foods Corporation and Bexel Corporation. The 10k SF facility is located at the Union Bower Business Park, 1125 N. Union Bower Road in Irving. Bexel Corporation signed a lease for 19k SF at the Union Bower Business Park, 1001 N. Union Bower Road in Irving. The Colliers team repped the landlord, The Hayman Company, while CBRE’s Mike Cleary represented Mojave Foods. Bryan Lewitt and Christopher Isola of Cushman Wakefield represented Bexel Corporation.

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Ventura Custom Homes renewed its corporate HQ lease for 2k SF at 2591 Dallas Parkway in Hall Office Park. Hall leasing director Jean C. Farris handled negotiations on behalf of owner and landlord, Hall Financial Group.

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Safelite Fulfillment Inc. leased 32k SF of warehouse space at Plano Parkway 190 Business Center at 1601 E. Plano Parkway in Plano from Northwestern Mutual Life Insurance Co. Bradford Commercial Real Estate Services SVP Susan Singer and market director Chris Stout represented the landlord. Pangman Commercial Realty represented the tenant.

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Bradford Commercial Real Estate Services VP Brian Pafford and market director Jason Miller repped the landlords in two deals:

  • ASAP Printing Corp. inked a deal for 17k SF of industrial space in Valwood Building 45 at 1645 Wallace Dr. in Carrollton from RCI Valwood.
  • Southern Cosmetics Labs Inc. renewed 11k S F of light-industrial space at 2509 Dalworth St., in Grand Prairie, from Tarrant County L.P. Henry S. Miller Brokerage LLC’s Pete Richardson  represented the tenant.

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Geary Pacific Supply leased 30k SF of industrial space at 921 W. Mayfield Road in Arlington, from O'Day Farmbrook Inc. Grubb & Ellis’Blake Anderson and Blake Matthews represented the lessee in the transaction. Jordan Foster of Peyco Southwest Realty Inc. represented the lessor.

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Fit Supply leased 30k SF of industrial space at 407 113th St. in Arlington from First Industrial Realty Trust. Brock Wilson and Mackenzie Schriber of Grubb & Ellis represented both parties in the transaction.

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Garland Independent School District leased 24k SF of industrial space, located at 12019 Corporate Dr. in Garland, from Riekes Distributing. Gary Lindsey of Grubb & Ellis repped the lessor.Claudia Shugart of Property Place GM repped the lessee.

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Prestige Autotech Corporation leased 22k SF of industrial space at 1130 N. Carrier Parkway in Grand Prairie from Walter Hogg Partners.Ben Phillips of Grubb & Ellis represented the lessee. David Dunn of Sperry Van Ness/Dunn Commercial represented the lessor.

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R.R. Donnelley & Sons Company leased 12k SF of office space at 3500 Maple Ave. from Grubb & Ellis Realty Investors Inc. Sean DaltonRuss Johnson, and Chris Wright of Grubb & Ellis represented the lessor.

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Natural Synthetics Inc. leased 12k SF of office space at The Summit, located at 2553 Summit Ave, from PS Business Parks.Chris Wright and Russ Johnson of Grubb & Ellis represented the lessor. Gene Cason with Chisholm Realty represented the lessee. 

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Taber Estes Thorne & Carr PLLC leased 11k SF of office space at 3500 Maple Ave. from Grubb & Ellis Realty Investors Inc. Sean DaltonRuss Johnson, and Chris Wright of Grubb & Ellis represented the lessor.

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Blanchard Schaefer leased 7k  SF of office space at Skymark Tower at 1521 N Cooper St. from Arlington Owner Corporation. Daniel Rudd and Billy Vahrenkamp of Grubb & Ellis represented the lessee. Kurt Cherry of PM Realty Group represented the lessor.

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Badmus Immigration Law Firm, PC, leased 6k SF of office space at 3 Park Central at 12700 Park Central Drive, from McKnight Dallas Real Estate. Sean DaltonChris Wright , and Russ Johnson  of Grubb & Ellis repped the lessor. Kevin Finch of Finch Commercial Realty repped the lessee.

 

Sales Transactions

Invesco Real Estate purchased a 280-unit apartment community in the Boston suburb of Westborough, on behalf of one of its pension fund clients. Simon Butler and Biria St. John of Cushman & Wakefield represented the seller.

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Smith Lawler Properties purchased a 13k SF industrial building at 1701 E. Main St. in Grand Prairie from United Rentals Realty LLC.Gary Lindsey of Grubb & Ellis repped both parties in the transaction.

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Behringer Harvard acquired Cyan/PDX (Cyan), a 16-story352-unit residential tower at 1720 SW 4th Avenue in Portland, Ore.

 

Bankruptcy and Law Suits

Fairfield announced on Dec. 13 that the company and certain of its subsidiaries have filed voluntary petitions in the United States Bankruptcy Court for reorganization under Chapter 11 of the United States Bankruptcy Code. As part of the filing, Fairfield and its significant lender groups have agreed to the framework of a consensual Plan of Reorganization that will enable continuity of Fairfield's property management, asset management, construction services, and general partner functions for the benefit of its creditors and other stakeholders.

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Henry S. Miller Commercial, LLC will be filing with the United States Bankruptcy Court for the Northern District of Texas, an agreed Order for Relief, converting an involuntary bankruptcy case filed against them by Dallas Clubview Gardens, Woodside Apartments, and BNC Lake Jackson Village, various entities controlled by real estate investor Barry Nussbaum (the “Nussbaum Entities”) to a voluntary bankruptcy case under Chapter 11. This means that Commercial Co. will be reorganizing its debts within the context of a voluntary bankruptcy proceeding. Commercial Co. is a formerly operating commercial brokerage company which is only minimally operational at this time and has no employees. The involuntary bankruptcy filing against Commercial Co. and its subsequent conversion to a Chapter 11 proceeding of this one entity does not impact in any way the operations of Dallas-based Henry S. Miller Brokerage, which continues to operate normally.

 

Executives on the Move

James G. Buis and Malcolm Holland were elected to the board of SRS Real Estate Partners as outside board members. Other internal members of the SRS Real Estate Partners board are Matthew AlexanderHugh Kelly; Drew KieslingChris MaguireScott RiddlesClay Smith; and Ray Uttenhove. Other outside board members include John Gates  and  Roger Staubach.